CS Rotich Receives EU’s Ksh520 Billion to Fund Big 4 Agenda Despite IMF’s Reservations
The deal, which was signed between the Treasury Cabinet Secretary Henry Rotich and European Union’s ambassador to Kenya Stefano Dejak, was made despite the International Monetary Fund reservations against the financial risks associated with the Big Four Agenda.
The fund is meant to support Kenya from 2018-2022.
“This agreement not only harmonises investment over a long period of time, it also aligns financial support with the priorities and objectives of the national government, such as the government of Kenya’s Medium Term Plan III and the Big Four agenda,” the EU stated.
In its staff report released on October 2018, IMF had asked the government to carefully consider the design of the policies associated with the Big Four Agenda in order to achieve the objectives.
It further asked the government to review the fiscal risks associated with the large number of Public Private Partnership projects as part of the Big Four, especially in the infrastructure sector.
“The support we have received will help the country in improving its economy. As you know, the country has many infrastructure deficit projects,” said Mr Rotich during the signing ceremony held at Intercontinental Hotel, Nairobi.